BusinessIFC to contribute 1500 Megawatt to National Grid

In a bid to ameliorate the power outage in the Country, the International Finance Corporation, IFC plans to support investments that will add 1,500 megawatts of power generation to the national grid.

According to Jean Philippe Prosper, the IFC Vice President for Sub-Saharan Africa, Latin America and the Caribbean, said the corporation has stepped up plans to mobilize funds for a power generation. “These projects will add 1,500 MW to the national grid and are part of the World Bank Group’s intervention in the sector which is built into the Energy Business Plan. IFC is also considering participation in a gas-to-power project,” he said.

He further explained that each World Bank group institution, under the Energy Business Plan, will leverage its competencies and products to provide solutions to projects that encourage their viability and contribute to the sustainability of the power sector. Prosper said, “the federal government has demonstrated strong commitment to successful implementation of the power sector reform so that all the pieces of a sustainable power sector are coming together.

“IFC and the other institutions of the World Bank Group are committed to supporting Nigeria with targeted interventions in the power sector that facilitate demonstration projects and boost investor confidence and contribute to better living standards,” he added.

The Federal Government estimates that with an investment of N1.6 trillion for infrastructure development in Nigeria, the country will achieve its target of 40, 000 MW generation capacity by 2020.